Why Aren’t Germans Protesting Over European Debt?

Introduction

Yoray Liberman for The New York Times, Kirsten Neumann/ReutersA café in Athens. Miners in Bottrop, Germany.

Market confidence worldwide took a hit this week. And in Europe, while fears over sovereign debt were temporarily eased by the European Central Bank's decision to buy Italian and Spanish bonds, there is growing concern not only of more bailouts but also of possible bank failures. Who will pay for all of this?

As the situation in Greece shows, a huge part of the cost of more bailouts will fall on the wealthier European countries, especially Germany. But paying for the mistakes of profligate countries -- and their early retirement policies -- can't possibly sit well with the hard-working Germans. And yet, the German taxpayers haven't risen in protest.

How much will the Germans have to pay? What effect might the bailouts have on their lives?